Online bank Revolut has hired bankers to arrange a share sale worth about $500 million.
About this informs Bloomberg.
The publication reports that Revolut has long said it is preparing for a potential initial public offering (IPO), but it and other large private companies have faced difficulties due to lackluster equity markets. This has created problems for some early investors and employees who may need the liquidity obtained from the sale of shares.
Thus, the sale of shares will help free up cash for investors and employees. Revolut is currently working with Morgan Stanley on this issue.
According to the publication, Revolut has long stated that it is preparing for a potential IPO, but the inactivity of the equity capital markets has created difficulties for early investors and employees who need liquidity.
Selling shares will help free up cash for investors and employees. Revolut is working on this issue with Morgan Stanley. The deal could boost Revolut’s valuation to more than $40 billion.
Revolut said its 2022 revenue jumped 45% to $1.17 billion. The online bank has yet to report last year’s results, but previously predicted turnover in 2023 would be around £2bn.
